Shanghai’s Bold Bet: Aiming to Propel China’s Economy with $85 Billion Live-Streaming Boom by 2026

Shanghai is banking on the live-streaming industry to enhance China's sluggish consumer spending. According to a three-year strategy, the local industry is projected to generate close to US$85 billion in online revenues by 2026.

The government of Shanghai has announced its intentions to enhance the city's live-streaming industry, aiming for almost US$85 million in internet sales by 2026. This move comes as the Chinese financial capital seeks to increase consumer expenditure amidst a sluggish national economy.

The local government of Shanghai released the "Three-Year Action Plan for High-Quality Development of Shanghai’s Live-Streaming Economy (2024-2026)" on Monday. According to this plan, by 2026, the local live-streaming industry should produce a yearly total merchandise value of 600 billion yuan (US$84.6 million). The plan also aims to create 10 leading live-streaming platforms, nurture a variety of multichannel networks (MCNs) and brands, and develop one hundred unique live-streaming situations.

MCNs are firms that assist influencers who live-stream in handling their operations.

The latest triennial strategy, which expands on the earlier 2021-2023 scheme, emphasized the significance of the live-streaming sector in stimulating consumer expenditure and enhancing the reputation of Shanghai.

The city administration has set its sights on utilizing the potential of the live-streaming market to boost consumer spending, commerce, industry and culture. This is in an effort to infuse fresh energy into the overall economic and social growth of Shanghai, as outlined in the blueprint released by the Shanghai Municipal Commission of Commerce.